The next few key events will determine the direction of future market trends.
On November 1st, U.S. unemployment rate data (good and bad data for economic recession).
On November 5th, the U.S. presidential election (Trump: Harris).
On November 8th, the Federal Reserve is expected to lower interest rates for the second time (currently likely a 25 basis point cut).
There is also the Apple Inc. earnings report on November 1st.
With less than two weeks left until the U.S. presidential election, Harris and Trump are evenly matched at 47/47. One of the unstable factors affecting BTC's price is the U.S. election, which will likely determine the winner next week. At that time, BTC's direction will become clearer. If Trump wins, BTC may break through previous highs, reaching as high as 78,888.
Last night, Bitcoin hit around 65 twice, and you can see there were relatively strong buy orders in both spot and futures markets near 65; just like breaking through resistance requires multiple attempts, falling below key support also needs several attempts.
Bitcoin is oscillating broadly; since BTC broke through the trend line, it reached a high of 69,500. Currently, it seems to be in a wide range of 60,000 to 70,000, which may be the trend before the election results.
If it accelerates upwards above 70,000, then a significant market trend is likely to emerge.
The performance of altcoins is particularly weak, with insufficient capital flow and sluggish sector rotation, making sustained increases difficult. This means that in the current market environment, selecting investment targets requires more caution and precision, as the risks of blindly chasing rallies have greatly increased.
Currently, the most obvious issue in the market is the lack of two key factors: liquidity and hot spots. But in reality, the core that is truly lacking is liquidity, as hot spots can be created and guided. Once liquidity is restored, market sentiment and hot spots will become active, forming a positive cycle.
Therefore, the key next step is how to activate market liquidity, which will determine the direction of future trends.
The election is a critical juncture, with the probability of the Federal Reserve lowering interest rates in November reaching 96.3%. Both liquidity and hot spots are on the way, making the market in November very promising!
- $AVAX
AVAX is priced at around $25.4 and is a blockchain that aims to surpass Solana. In addition to Solana, AVAX also helps to consolidate all sources; it is a layer 1 blockchain known for verifying a large amount of work quickly and at low cost.
In addition, with its Avalanche Rush program encouraging developers to create dApps on the platform, many new dApps and DEXs have been added to the network.
As time goes on, with the increasing socio-economic proportion in the DeFi space, AVAX may also experience a surge, just like Solana did in 2021.
Considering the potential for a 50-fold return in market capitalization over the next few years, it is becoming a popular choice for decentralized applications.
- $WIF
Wif, as one of the top three meme varieties following Doge and Shib, is a meme project based on the Solana public chain. Its price has not only strongly broken through the correction trend line of the past six months but has also surged to a high of 2.9, demonstrating its strong market potential and investors' enthusiastic pursuit.
Currently, WIF's price is around 2.5, and its market capitalization continues to soar, reaching 2.6 billion dollars. It has also surpassed USDT in trading volume, becoming an undeniable force in the market.
I believe the ecological leader Dogecoin WIF has a greater opportunity. If SOL rises, WIF is also likely to rise, and by a larger margin. The key point is that WIF has recently corrected over 20%, which is a very good range; I think it's worth considering.
- $DOGE
If Trump takes office, the coin that will benefit the most will definitely be Dogecoin.
Look at Musk's support for Trump, combined with Dogecoin's unique high efficiency, security, and complete decentralization. After Trump takes office, Dogecoin will be the first to benefit.
- $SOL
Thanks to the rapid rise of the meme narrative, many meme projects emerging on the SOL chain have already surpassed those on Ethereum. According to on-chain transaction data, more and more users are starting to turn to the SOL chain for trading.
After a few months of volatility, SOL's trend is beginning to show signs of a breakout. Whether it can break through previous highs in the short term mainly depends on whether the meme narrative can continue to develop and whether the ecological narrative can usher in a new prosperity.
